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This timber plantation company has announced a deal to buy 84,000 hectares of land from Challenger Financial Services Group, for $71m. The land, which includes a total of 54,800 plantable hectares, is made up of 8,800 hectares of unencumbered land and 46,000 hectares currently under plantation in Western Australia, Victoria and South Australia. To us, the deal looks like a reasonable one from a long-term perspective, as Great Southern is a big buyer of land each year and this locks in a whole chunk of it at a fair price. What concerns us more is that management seems to be...

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